TORONTO, Oct. 24, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:

Alcoa Inc. (NYSE: AA) will spin out its bauxite, aluminum and casting operations into a new company to be named Alcoa Corp. (NYSE: AA). Alcoa Inc. shareholders will receive one share of the new Alcoa Corp. for every three shares held. Alcoa Corp. will be added at zero price to the S&P/TSX Global Mining, the S&P/TSX Global Base Metals and the S&P/TSX Equal Weight Global Base Metals indices at the close of trading on Monday, October 31, 2016.

The parent company will retain its engineering, transportation and global rolled products businesses and will be renamed Arconic Inc. (NYSE: ARNC). Arconic Inc. will change its GICS from 15104010 – Aluminum – to 20101010 – Aerospace & Defense – effective at the open of trading on Wednesday, November 2, 2016. Arconic Inc. will remain a constituent of the S&P/TSX Global Mining, the S&P/TSX Global Base Metals and the S&P/TSX Equal Weight Global Base Metals indices.

About S&P Dow Jones Indices

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than based on any other provider in the world. With over 1,000,000 indices and more than 120 years of experience constructing innovative and transparent solutions, S&P Dow Jones Indices defines the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com.